The Arkansaw traveler., 1887-06-11
banks with an aggregate capital of $150,000. Now there are these:

First National Bank, capital ' asA0M co
 urpius...,............ .......- a10a a Jefferson Savings Bank Ioa0oo oe
 Surplus. ....................... so.0oO co
 l.sls0O 60 And Birmingham Natl B'k, capital s60,o ,oW co American National Bank ....... SsO00 co
 Making total capital. .$i.s&Aeoo OO
 The two last named will open in & few days. Thus, whilst the popula- tion has increased but fourfold since 1883, the banking capital has increased over twelve fold. and money does not thrive on mushrooms"
 "Have the industries of the city kept pace with it's progress ?'
 "The rolling mill here to convert pig iron into bar has actually invested over $6o0, ,0o0 in money in it's plant, which is one of the finest in the world Stove manufacturers have come in and established large plants. Foundries and shops for the manufacture of engines. boilers, pumps, pipe, chains, gins and many other things have come in. and all are doing all the business they can take care Of. Thcy are constantly Y en- larging their capacities"
 Ut has been stated that your water supply is inadequate?" Colonel John ston was asked.
 "An abundant supply of pure water" said he. "from large, bold springs is being brought into the city at an expense of half million dollars. This new supply will of itself furnish abundant water for manufacturing city of l50,0 ,000 people. in addition to the present supply"
 Do you regard Birmingham as q healthy place?''
 "The health of the city is excellent The death rate is about fourteen per thousand. Birmingham, whilst in Il a valley, is, by actual survey, 202 feet above the Cahaba river at Helena, fif- teen miles below the city, and l79 feet above the Warrior river where it crosses the valley ten miles above the city. This valley and country was the place sought in the summer season by the rich planters in the cotton belt of this state.'
 "The railroads concentrating here" he continued. "have thoroughly under stood the possibilities of the place. The Louisville x Nashville, great svstem not only did what it could as a rail- road, but has gone outside in follow ing broad and liberal policy. For instance, four years since. that road took 270,00o stock in the Sloss Fur mace Company to aid it in building its plant. The road not only received handsome returns in fieights, but re- gently received for its stock $2l0.O0O or its money back and fifty per cent. per annum for the use of it."
 "It has been stated that most of the transactions were speculative and did not represent substantial business op- erations."
 Speculation in real estate" he re- piled. began here about the fall of 1885. It was based upon the demon strated success of the iron furnaces, for they had just gone through the semi panic following the failure of Grant & Ward and had remained continu- ously in blast with iron at the lowest point ever seen ill the world, whilst seventy per cent. of all the furnaces in the United States had been compelled to go out of blast. This speculation continued and grew until about February, 1887. period of about fourteen months. and prices of all classes of real estate enhanced from two to skiold. During this time the new furnaces now running or under construction were projected and rapid work was going on on some four ad- ditional lines of railway into the city. Since February, however" Colonel Johnston went on to say, ''the spirit of speculation has subsided and the healthier era of improvement has be- gun. It is estimated that there are now over one thousand buildings, stores, residences and manufactOries in the course of erection, involving the expenditure of some two million dol lars. The influx of population and the organization of manufacturing companies have not diminished. Competing railroads give favorable freights to and from the city.
 "The truth is that people outside who have criticized Birmingham do not understand the surroundings. Within few months there will be thirteen lines of railroads radiating from the city and reaching the inte- rior cities, the Atlantic ocean, Gulf of Mexico and Mississippi and Tennessee rivers. These roads make this a great distributing point-the best in the south. These alone would make decent town, but Birmingham's future does not rest on these railroads. The railroads are iere, not because Of the advance in town lots or the booming of the town, but because the mines